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Sunday, March 10, 2013

S&P 500 - Triple Screen 'Technical Analysis' - Week: 04 March to 08 March, 2013 - Triple Tops & Channel Pops



S&P 500 - End of  Month Chart (EOM) - Channel showing the Triple Top - from 1999 - as on 08 March'13




S&P 500 - End of  Month Chart (EOM) - Channel analyzing Data from mid 2009, onward - as on 08 March'13




S&P 500 - End of  Week Chart (EOW) - Channel analyzing Data from OND, 2011 onward - as on 08 March'13




S&P 500 - End of  Day Chart (EOD) -  Channel analyzing Data from Nov'2012, onward - as on 08 March'13




Learning from the Past Week:  (click here for the post)

Price Pops above the Month Channel Top - #M1, #W1 & #D1 - Bulls on a roll..
Triple top on Long Term Charts - #1, #2, & #3, a matter of solace for Bears.
Earlier in the week, the MAs we were watching - cross to give the Bulls required momentum #D1.
White arrows #D1 indicate the confluence of the all time high made by the SP500 and the Day channel - our next resistance.
RSI #W2, and its MA re-cross bullishly & the action at the STS #M2 emphasize the Bull's Long Term Strength.
Bulls have all the three screens now. 



Bulls control all three screens - Bears have the Triple Top to talk about.




The Ellipses marked #M1, #W1 and #D1 indicate the hot spots on the long, medium and short term charts respectively.
As one can see - we are zooming into the action starting #M1 through #W1 and get up close in #D1.




Looking forward into the next Week:

Month channel's, top red line #M1, is now support for the Bulls.
Price heading for the all time high of the SP500 - see white arrows #D1.
Getting the price, below the 5 EMA on the EOW #3, is the next task for the Bears.
Triple Top on the Long Term Screen, remains the bane of the Bulls for some more time.
Triple tops can be studied here, here or anywhere else, should you need a recap.
Bulls for now rule the screens..



Month Channel's red Top Line is now support and the two white arrows on the Day Screen #D1 shows possible resistance.



CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 04 March to 08 March, 2013 - Mid Channel bounce



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 08 March'13



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 08 March'13



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 08 March'13




Learning from the Past Week: (click here for the post)

We saw the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1, as resistance and the 61.8% the support, last week.
Price took off from the above support and closed just above the resistance 76.4% Fib #1.
Channel Middle line #3, was the support that the Bears could not beat last week.
Day channel #5, sees the Price taking support at the the channel bottom.
Bouncing from the green bottom line of the EOD channel #5 - Bulls did retake the short term screen.
Position of the STS on the EOW, showed that the Bulls are around for a comeback #4.



Bouncing from the Medium Term Channel's Middle Line #3, price is now at the 50 SMA on the EOD #5. 




Looking Forward into the next Week:

Channel Middle (blue) and 34 EMA on the EOW, continues as the new support for Bulls #3.
2 crows pattern that we studied last few weeks, completes its targets.
50 SMA and 200 SMA, convergence towards a death cross to be watched #5.
Keeping above the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1 - is important for Bulls to get a shot at new Highs.
Support line on the STS #4, worth a watch. 



The 76.4% Fibonacci retrace (5919) of the last low (Jan'12) from Nifty's all time high #1, is back as support and the EOW channel top #3 as resistance